During the year, TRC Corporation has the following inventory transactions. Date Transaction January 1 Beginning inventory...

Transcribed Image Text:

During the year, TRC Corporation has the following inventory transactions. Date Transaction January 1 Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Unit Total Units Cost Cost 41 $33 $1,353 121 35 4,235 191 38 7,258 101 * 39 3,939 454 $16,785 For the entire year, the company sells 410 units of inventory for $51 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Available for Sale Cost of Number of units Cost per unit Goods Sold 41 $ 33 $ 1,353 $ 33 $ 0 Ending Inventory Number Cost Ending of units per unit Inventory Purchases: April 07 121 $ 35 4,235 $ 35 0 July 16 191 $ 38 7,258 $ 38 0 October 06 101 $ 39 3,939 $ 39 0 Total 454 $ 16,785 Req 1a and b Req 1c and d > During the year, TRC Corporation has the following inventory transactions. Date Transaction January 1 Beginning inventory April 7 Purchase July 16 Purchase October 6 Purchase Number of Unit Total Units Cost Cost 41 $33 $1,353 121 35 4,235 191 38 7,258 101 * 39 3,939 454 $16,785 For the entire year, the company sells 410 units of inventory for $51 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. 1-c & d. Using FIFO, calculate sales revenue and gross profit. 2-a & b. Using LIFO, calculate ending inventory and cost of goods sold. 2-c & d. Using LIFO, calculate sales revenue and gross profit. 3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold. 3-c & d. Using weighted-average cost, calculate sales revenue and gross profit. 4. Determine which method will result in higher profitability when inventory costs are rising. Complete this question by entering your answers in the tabs below. Req 1a and b Req 1c and d Req 2a and b Req 2c and d Req 3a and b Req 3c and d Req 4 Using FIFO, calculate ending inventory and cost of goods sold. FIFO Beginning Inventory Cost of Goods Available for Sale Cost of Goods Sold Number of units Cost per unit Cost of Goods Available for Sale Cost of Number of units Cost per unit Goods Sold 41 $ 33 $ 1,353 $ 33 $ 0 Ending Inventory Number Cost Ending of units per unit Inventory Purchases: April 07 121 $ 35 4,235 $ 35 0 July 16 191 $ 38 7,258 $ 38 0 October 06 101 $ 39 3,939 $ 39 0 Total 454 $ 16,785 Req 1a and b Req 1c and d >